Copper, lead slip as dollar strengthens

Print this page Posted on : 07-26-2007 by recycleinme.com

Copper prices fell more than 1 per cent on Wednesday as labour dispute concerns eased, while lead and nickel slipped as the dollar strengthened. London Metal Exchange copper for three-months delivery was at $7,860/7,875 a tonne at 0937 GMT, down from Tuesday’s close of $7,965.

Copper touched a 10-week high of $8,212 on Monday, buoyed bvy a weaker US dollar making metals cheaper for holders of other currencies, but prices were hit as the currency bounced back. Lead fell 4.9 per cent to hit a low of $3,215 before trading at $3,250/3,270 against $3,730 at the close on Tuesday.

Nickel slid 2.2 per cent to $31,500/31,700 from $32,200 on Tuesday. The metal has been weighed by expectations of falling demand from stainless steel makers and rising inventories, which have risen to around 12,600 tonnes, the highest since June 2006.

Aluminium, taking its cue from copper, was slightly lower at $2,805/2,810 from $2,823.

Tin was lower at $15,250/15,450 versus $15,350/15,360 and zinc shed 2.3 per cent to $3,650/3,665.

Source : Business Line